Grimes & Company Inc. Acquires 2,777 Shares of Medtronic PLC $MDT

Key Points

• Grimes & Company Inc. increased its stake in Medtronic PLC by 1.4%, acquiring an additional 2,777 shares during Q2, bringing their total holdings to 205,825 shares valued at approximately $17.94 million.
• Medtronic reported earnings of $1.26 per share for the recent quarter, surpassing analysts' expectations, with revenue reaching $8.58 billion, which is a 7.7% increase year-over-year.
• The company announced a quarterly dividend of $0.71 per share to be paid on October 17th, representing a 2.9% dividend yield for shareholders.

Grimes & Company Inc. raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,825 shares of the medical technology company's stock after acquiring an additional 2,777 shares during the quarter. Grimes & Company Inc.'s holdings in Medtronic were worth $17,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Three Bridge Wealth Advisors LLC raised its holdings in Medtronic by 13.3% during the second quarter. Three Bridge Wealth Advisors LLC now owns 21,015 shares of the medical technology company's stock valued at $1,847,000 after acquiring an additional 2,472 shares during the period. Merit Financial Group LLC raised its holdings in Medtronic by 37.5% during the second quarter. Merit Financial Group LLC now owns 57,035 shares of the medical technology company's stock valued at $4,972,000 after acquiring an additional 15,561 shares during the period. IVC Wealth Advisors LLC raised its holdings in Medtronic by 3.9% during the second quarter. IVC Wealth Advisors LLC now owns 5,821 shares of the medical technology company's stock valued at $507,000 after acquiring an additional 217 shares during the period. Simplicity Wealth LLC raised its holdings in Medtronic by 77.5% during the second quarter. Simplicity Wealth LLC now owns 39,097 shares of the medical technology company's stock valued at $3,408,000 after acquiring an additional 17,070 shares during the period. Finally, Chemung Canal Trust Co. raised its holdings in Medtronic by 37.2% during the second quarter. Chemung Canal Trust Co. now owns 65,522 shares of the medical technology company's stock valued at $5,712,000 after acquiring an additional 17,762 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Up 2.3%

Shares of NYSE MDT opened at $97.63 on Monday. The business's 50 day moving average is $92.94 and its two-hundred day moving average is $88.46. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $97.94. The stock has a market capitalization of $125.23 billion, a P/E ratio of 26.90, a PEG ratio of 2.57 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is 78.24%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Finally, Argus lifted their target price on Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $100.94.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William R. Jellison bought 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.

Medtronic Company Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.

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